Gold buying in Dubai continues to defy expectations as prices hit record highs. Despite gold reaching unprecedented levels more than 40 times this year, shoppers remain eager to purchase. The city’s iconic gold markets remain busy, reflecting deep-rooted trust and tradition in the metal.
At the Gold Souq extension, crowds still gather to explore new collections and make purchases. Retailers report that although customers receive less gold for the same amount of money, their spending habits remain steady. Arjun Dhanak, Director at Kanz, noted that people spend as before, even if the quantity they take home has decreased due to soaring prices.
He added that buyer psychology has stayed consistent. Many believe prices will keep climbing, prompting them to purchase now rather than later. Retailers confirm that the fear of missing out drives sales, as gold is still viewed as a safe and timeless investment during uncertain economic times.
Meanwhile, demand for gold in Dubai is also being fueled by new digital investment trends. Online gold platforms, which allow small-quantity purchases, have gained popularity since the pandemic. Viraj Shah, General Manager at Bafleh Jewellery, explained that digital platforms make gold more accessible to younger investors. Festivals also continue to support both physical and digital sales.
Even though some investors sell to realize profits, most remain focused on gold’s long-term value. Shah highlighted that many view gold as a financial safety net, not just a profit opportunity. This perspective keeps Dubai’s appetite for goldsteady despite sharp price increases.
Retailers across the city anticipate strong sales during the upcoming festive season. They expect steady consumer confidence and growing digital participation to maintain a resilient market. Experts also predict continued growth as buyers diversify between jewelry and digital gold ownership.
Ultimately, the mix of cultural attachment, investment confidence, and innovation ensures that gold consumption in Dubai remains strong. Even with prices at new highs, residents and visitors continue to see gold as both a luxury and a secure, enduring asset.
